Published , by Donovan Erskine
Published , by Donovan Erskine
The International Business Machines Corporation, also known as IBM, is one of the world’s leading tech companies. Today, it released its earnings report for the third quarter of the fiscal year. It’s good news for shareholders as IBM managed to beat both revenue and EPS expectations in Q3 2023.
IBM’s Q3 2023 earnings report was published shortly after markets closed today. The company made $14.75 billion in revenue, narrowly beating the $14.7 billion expectation. IBM also reported $4.39 in earnings-per-share against a Wall Street Consensus of $3.63. IBM stock reacted accordingly to the company’s impressive Q3 2023 numbers. Its value was as high as $139.70 after ending the day at $137.17.
“Technology remains a critical source of competitive differentiation and progress for organizations around the world," said Arvind Krishna, IBM chairman and chief executive officer. "Clients are increasingly adopting our watsonx AI and data platform along with our hybrid cloud solutions to unlock productivity and operational efficiency. This is helping drive solid growth in our software and consulting businesses. As a result, we remain confident in our revenue and free cash flow growth expectations for the full year.”
IBM is just one of several tech companies sharing earnings news this week. Facebook (META) has also shared its earnings report, which included another loss on the Reality Labs division. Stick with us here at Shacknews for all your financial news.